Welcome everybody into another Coinnage News recap. This time we are keeping the intro short because we are breaking news to get to. I'm the host of Coinnage Zach who is going to come to you live from our Brooklyn studios in New York. Excited to have with us on the space today.
Fox Business reporter and producer Eleanor Terrett back with us to dive into all the breaking news in Eleanor. There's a bunch of stuff to get into. Mainly the SEC finally dropping the hammer on Binance, you know, not just the world's largest crypto exchange, but also the CEO behind it in C
and this full complaint just dropped a few moments ago. So I know you and I have been digging into this. We have our head writer Zach Abrams who's also been diving into this to tease out the biggest things here, but just want to start no time to waste in digging into those Eleanor because it echoes a lot of what we saw from the CFTC complaint.
ads on top of it, allegations of loss trading that inflated the trading activity on Binance US. It also calls out B&B Binance is token as an unregistered security and includes some damning messages as well when you have the CCO or COO rather saying we are operating as a fucking unlicensed
exchange in the USA, that's a direct quote. But your initial reaction is, because it seems pretty extreme in the complaint that the SEC finally brought against Binance. Here's me thinking that today's biggest news would be the House Financial Services Committee, AG, Bill
to fry livery some clarity to crypto that we saw drop on friday but i was wrong and i was blown out of the water by its finance lawsuit drop by the suc about a few minutes ago yeah it's it's definitely you know i don't think it's a surprise i think a lot of people did see this coming you know whether it was going to be
Because we saw the CFTC do this a few months ago, right? And usually what one agency does between the CFTC and the SEC, the other will follow pretty quickly. Usually it's the SEC that does these things first. But we saw the CFTC kind of come out with this initial lawsuit. And now the SEC is weighing in and saying, it's essentially the same, you know, completely.
Just that, you know, they're listing the assets on Binance as securities. And obviously the CFTC, as you would see, it did not do that. But we also saw this complaint about the co-mingling of funds. And like you said, it's not related to the statement in there about the CCO saying, you know, we're operating an online
exchange in the US. So there's a lot here to unpack. Like I said, I don't think it's much of a surprise that this came down. I think the big question that people are going to think about now is, is there going to be a DOJ investigation? Because, you know, we've seen two civil cases now between the CFTC and the SEC. You know, these are not criminal
charges are civil. So the big question will be, is this going to be followed by some kind of DOJ lawsuit as well? So that'll be interesting and definitely people will be on watch for that. Yeah, no, it's huge and we are, I don't know, I think there's a slight echo because you can never Twitter space, it's never let's you turn the volume all the way down on phones.
you're not surprised to see token moves like that, but there are also other tidbits in here. Like we said, the wash trading allegations pretty serious when it comes to faking trading activity on Binance US that allegations new in the way that we saw all of this set up to basically give CZ extreme control over the way Binance is run.
That's certainly one of the things that stood out to me, but there are others as well. And Eleanor, I mean, we were talking about when this might happen to your point, I think the CFTC has been leading the charge, specifically when it comes to problems at Binance, but now seeing the SEC step into the ring, that's a whole other piece that you've got.
CZ by the way on Twitter saying we haven't seen this complaint. We're waiting to respond. The media always gets this first. I'm sure though. I mean earlier this morning there were reports from Bloomberg and CoinDesk talking about a change up at finance. Someone who's coming in here to basically potentially take over for CZ and I thought that was an interesting time for that story to be coming
coming out, talking about a rising star at Binance to potentially take over Richard Tang. And now you've got CZ being named in this lawsuit specifically himself. Interesting timing, I would say. Definitely interesting timing. And you know, I just keep kind of referring back to what's, you know, this entirely unexpected. I don't
I think it was. I did a tweet a couple of minutes ago. I have a source close to Binance and this person told me that the company knew there was a "high likelihood" that the SEC would file pretty much the exact same complaint that the CFTC did, just marking the assets and securities, but they were not made aware that it was coming down today.
that's entirely unusual. I think these regulatory agencies, whether they received a Wells notice is unclear, whether they, I think there's no obligation to tell these companies that they're under investigation in the first place. A Wells notice is actually kind of a courtesy. If they ask you to do a Wells notice, it's
It's kind of them saying, "Here's the heads up just so you know, but they don't legally obligated to do that." So, I think obviously finance was new. They knew this was publicly in the works. And are they making preparations behind the scenes for a potential shift in power? I think it's definitely possible. CZ is getting at the end.
I think everything hinges on this potential DOJ investigation, right? Because we've seen so many reports from Reuters that have come out in the last few months basically saying, "There's all this evidence that there was co-mingling and that CZ is basically a crook." And I think as a company, violence kind of has to take that into consideration.
I mean, when the regulatory conversation is stacked against you that much, you have to make preparations for the company as a whole. Keep it in control. One person is obviously like a seasy built thing. But at the end of the day, what's best for the company? Is it putting this new guy, Richard Tang in there?
I haven't done much research into him, but it's controversial figure. The timing is definitely interesting.
more damning, I think than the CFTC case. Yeah, absolutely. I read the entire CFTC lawsuit when it came out for episode that we reported on that. And the main thrust of that lawsuit was about Binance attracting global customers to the Binance.us platform, despite claiming that they were not doing so, and also the amount of
Control CZ had over Binance, but in this thread that I'm pulling together, there's a lot more in this suit than the CFTC suit. There are allegations that Jow's trading firm Sigma Chain engaged in wash trading that inflated the trading volume of securities on Binance. It labeled Binance is token BNB and it's stablecoin BUSD is crypto asset securities along
with Salana Cardano, Polygon, Filecoin, Cosmo, Sandbox, Decentral and Algrant, Axi Infinity and Cody, which I've never even heard of. Interesting. And mission, by the way, omission of XRP. True. Elano, I know you've been watching that too. They do call this list non-exhaustive. Yeah. There's even more CZ allegedly drove out to
CEOs of BAM trading one of them after just three months because both of them said, "Hey, we want to lead Binance.us," which is BAM trading is basically the holding company for Binance.us. And they said, "We want to declare independence from Binance.com." One of them had a project called the 1776 project that was meant to declare their independence. But when CZ got
wind of this he fired both of them including the second one after three months. So yeah, that's what we're looking at so far. I'm reading through the lawsuit. Yeah, if anyone's listening right now and you're seeing other things, feel free to respond in the comments on the space and definitely also request the mic pop up here as well. But Eleanor, I mean, this is
This is one of those things where you get a lot of people in crypto saying, literally, the response is so far, I'm sleeping on this news. This is boring. Of course, the SEC is going to go after Binance. But how important is this, you think, to the overall ecosystem? Because Binance controls more than half of the world's trading volumes when it comes to the platform at
itself. So, anytime anything happens with finance, it's huge. And I guess some of this was expected, but it's still huge. Yeah, yeah, I don't think it undermines basically what's going on here even though people were potentially, you know, they thought, I knew this was coming, like this is, you know, kind of, you know, expected. I don't think it, it, it lessen
the charges that are being brought against Binance here because you mentioned the CFTC complaint is different. There's less in there than in the SEC complaint. They bring much more hard-hitting accusations, I would say. But yeah, they are the biggest exchange in the world and whatever happens to them.
is kind of a, it happens, it affects everybody else in the space. And I do think that it's going to, we'll see some ripple effects, I think for sure, whether we're going to see a DOJ investigation, I don't know, but that'll be really the kind of the icing on the cake, I think that'll be the big shot.
is, you know, because that's really like that's criminal charges. And then, you know, at the end of the day, like, how does that factor into Binance's business? You know, I mean, I know they're a global company. You know, they're not, they're not domicile tier in the US, but, but a, like, a DOJ investigation is nothing to sniff at. No. And I think also watching#
draw the comparisons back to FTX and everyone always likes to compare CZ and SBF just because we saw that battle play out in FTX's collapse and you think about what CZ said back then that exchanges should not have tokens that correspond to the life of these exchanges and I'm not saying that FTX is token is it anyway?
shape and form the same as B&B because people actually use it for a lot of different projects out there which is not true of FTT. But interesting to watch and Eleanor to your point when we're putting this now new development in context we were talking about the House bill out on Friday and how it seemed like House Republicans were shifting in where this goes and regulating this environment trying to
say that you could eventually pass a crypto token off from being a security into being a commodity, depending on how, quote unquote, decentralized it is, and you're even seeing frameworks in that new bill about how much control someone would have to identify it as being decentralized, which reminded me of the hidden docs we were talking about last time we had you on, and the
the way that people and regulators might look at this space. So I guess we can highlight there the first look at this house bill to potentially push pressure on regulators to say how should we as Congress start writing a bill that would lay out new rules for crypto tokens. I was in a great space this morning. It was hosted by Ryan Selkins.
I'm sorry and there was Kristen Smith, the blockchain association and Justin Slotter. So, you know, regulatory folks who are really, you know, they dug into this bill and they had some really great thoughts on it. Just from a regulatory standpoint, I mean, this is kind of the first like comprehensive, the kind of encompasses a lot of different things that we've seen, right?
We've seen the Canary Waters bill last year about stable coins. We've seen a couple other bills that have references to crypto trying to make the definitions clear, but I think this kind of encompasses a lot more than that. It's obviously the definitions. It touches on NFTs.
And it doesn't touch on DeFi, you know, as much as I think, you know, people would have wanted it too. I think they made a great point this morning that it was kind of following in the steps of Mika, or Mika, over in Europe. They kind of have this framework where they wanted to build out this sort of, this definition and sort of rules of the road for C5.
before they went to DeFi. So I think you are seeing some elements of that here. But again, it's kind of the first all-encompassing bill we've seen in a long time and these regulatory experts say this is probably going to be the framework for the crypto rules that we see, hopefully down the line. Even
people who are skeptics have said this, that we can see this being the basic framework for what we'll see be integrated, like how we're going to integrate this into our financial system. So it's a Republican bill, obviously. It's not bipartisan support yet, so there's going to be some work to do. But I think we're just talking about that, Zach.
because Democrats are more, they tend to lean towards the SEC should have jurisdiction over crypto. Gary Genswell has it right, all these crypto are securities. Now with this finance complaint, you see even more accusations of tokens being securities. I think that will divide even further. It's going to take
a long time, I think, for people to get on board with this to, you know, you move this thing to a house floor vote. I mean, it's in committee right now. So, you know, there's some work to do. But I do think it's good news overall for the space just to have this kind of initial framework that everybody's been asking for. Yeah. I mean, it's just pure confusion, mostly, in terms of,#
security what's not, no answers around it, and I'd be remiss if I didn't ask you obviously as we've commented on a number of times, you've been spot on and coverage over the ripple loss, you back and forth with the SEC about what is ripple, security is it not, and I wonder if there's any initial reaction to kind of the developments from today,
Plus what we saw in the House bill that might be signaling maybe a change in just blanket identifying anything of its crypto, its security, and what that might mean for the ripple case. Obviously a judge ruling in that one, very different one, Congress might want to do, but I wonder if it's any sign of maybe a changing of the tide. And again, odds in ripple coming out.
successfully in that case uh... lost against the n_c_c_ i think a lot is going to hinge on these lawsuits you know everybody's talking about ripple now because they kind of are the ones that are you know the biggest headline that the ones seeking the charge they've also got great scale as well you've got these these big companies that are in litigation with the s_e_c_ and i think a lot will depend on
the outcome there if the SEC loses those cases. And I think you'll have some Democrats say, "Okay, maybe the SEC route is not working for us. Maybe we need to try something different. They might be more willing to come to the table and have a split approach between the CFTC, the
I think everything hinges on these lawsuits, the judicial process. So, you know, it's going to be a big month. I believe for crypto, I think, you know, we're not just with the him and emails coming out next week, but a lot of chatter that potentially will see a summary judgment decision from the judge this month as well. So, I think Ripple will be the headliner here.
There will be the ones that everybody looks to, but then also keep in mind, grayscale, there are a couple other companies that have decided to stand well coinbase. I guess we're going to watch coinbase as well. This can't be making them feel too easy right now with the finance news. They must be thinking, "Oh, okay, this is a possibility that we actually might get
a lawsuit on her hands down the line. We know they got the wealth notice. Have they had anything else in the coming week and the in the in the in the weeks, not sure, but I guess we'll we'll have to see what comes of that as well. Yeah, geez, just watching the coin base chart right now, those shares off 10% as well in reaction to this news. So you're right, completely accurate to connect those dots between finance,#
new legal pressure and what's going on with Coinbase shares, which I've already had a tough year, add 10% to what's going on there, actually not a tough year. I was looking at the chart, it's actually doing quite well, you're in a date, but today not so well in trading session. I think the last point on that house bill to you though, in terms of what is the measurement, I think that that's kind of intriguing#
The layout in terms of defining something over the preview, this is very technical and very specific. Finally, I think in measurement of what is decentralized, what's not. According to the bill, a network could be considered decentralized enough if no person during the last 12 months had unilaterally authority to control or materially alter the
a function, an operation of a network, or no person affiliated with that, own 20% or more of the digital assets outstanding for a project. So that's one promising line in the sand. We heard from Salana's co-founder saying, "We got no rules now to figure out what is and what is not based on decentralization." So that's at least promising, I think, if you ask. Most of the people
And operators in the space just looking for any sort of guidance on what is and is not a security But I don't know the other thing that we've been watching in terms of political coverage not just happening in Congress but presidential candidates ramping up their support for Bitcoin of course Ron to Santis on this space with Elon Musk came out and said I'm a pro Bitcoin president all the fed
Americans right to Bitcoin. You got Jack Dorsey also endorsing a Democratic challenger, RFK Junior. I think some of this is tied to what we've also seen, RFK Junior also significantly against the idea of a U.S.-backed digital currency. A new poll
there showing that only 16% of Americans favor a CBDC, US government back to low currency compared to 34% that oppose that technology. And I think it's something that Republicans and now RFK Jr are latching onto and saying, "Look, we don't want the government to have this sort of surveillance or control over how we spend our money
And I don't know. It's a new poll and I think it's pretty interesting to think about where Americans are on the issue beyond what is or is not a security, but just government surveillance and the ability to track us. Yeah, it's definitely an increasingly important topic. I think among presidential candidates, you saw, like you said, you know, DeSantis, Ramesh,
I mean, I think Kennedy was the first person to come out as a pro Bitcoin coin, saying he'd accept Bitcoin donation. And you see that as it's a bipartisan topic, right? It's not just Republicans, it's not just Democrats. You see both candidates on both sides of the aisle coming out in favor of crypto and coming out again.
against this idea to argue that it increases government surveillance, that it can be able to see our financial data, that it can be able to control money going in and out of people's accounts, which is a scary thought. I think it just goes to show. I wrote this article last week, the growth of crypto Twitter, and how it's going into the
the conversation of the 2024 election. I think both the mergoing hand in hand and when you see today, you've got Kennedy on the space called Musk at 2pm. So he's doing exactly what he did with DeSantis with Kennedy today. And then you saw Jack Dorsey come out endorsing Kennedy. So that's an interesting development. I think it's going to be much more of
of part of the conversation of the 2024 election. I think we've been realized maybe a few months ago. Yeah, and Marian Williamson was also in those responses trying to get Elon Musk. That was kind of sad to see. She was like, "Please, let me come up there on a space as well. I don't know if he's going to add it for her." I also don't know. We love the chat with Marian Williamson to hear more#
I think that would be interesting as well as as you mentioned this 2 p.m. space with Elon Musk and RFK junior Abrams you had something to add on that too because it is increasingly something that I think every candidate is being asked about maybe no surprise that Elon Musk is asking about it on these spaces because as we know he's he's into crypto and perhaps Twitter might actually be adding on
of that functionality pretty soon.
in the lawsuit, they explain how Binance.us, Sigma Trading, which is one of CZ's personal trading arms, you can think of it kind of like Alameda research and that it's owned by him but it operated on the Binance.us platform. Apparently in the 11 days after Binance.us listed Cody, there
watch trading accounted for over 30% of the volume for this token. Not a great look when you're talking about marketing crypto tokens to Americans and claiming they're not securities, but also engaging in shady action to try to pump the price or make volume appear. So definitely
something that doesn't look good for. Yeah, less bit of that Eleanor. I mean, it was RFK juniors appearance on Fox Business, I think, actually on your network, that Jack Dorsey had tweeted out, kind of saying that not only do I endorse RFK juniors, but I think he's going to win and shared clips from a Fox Business interview about crypto and
in his commentary on that, but you think about how that stands in with the other side and you got Elizabeth Warren continuing to push her anti-crypto army and where that goes in terms of the political divide between Republicans and Democrats and I guess fringe candidates like RFK Jr. also being pro crypto, it's weird now to watch.
I think. It is. It's definitely changing every day. I was speaking to a democratic strategist who comes on Fox News all the time the other day about this. And she was like, yeah, basically I feel like more Republicans are getting on board and endorsing RFK than Democrats are. So I think because of his, you know, his, his, his talking points.
is the things he's hitting on, like the anti-CBDC, the anti-government surveillance, pro-financial freedom in terms of using cryptocurrency. But then you've got the Elizabeth Warrens, right? And the Brad Shermans, who are their institutional, they're not going to change their mind any time soon. She came out last week and said, basically,
that crypto was responsible for billions of fentanyl deaths. And I think that calls quite a stir because people, you know, it's obviously the caveat, which is, you know, so does cash. And so does the American banking system has been responsible for similar things. And it's like, you know, it's just almost trying to pin every single negative thing she can on
So you've already got the opposite ends of the spectrum. You've got the RFKs and then you've got the warring. So it depends where you fall in that spectrum. But it's going to be interesting to see how people change their, you know, sort of who they go on board with and how they kind of change their opinion based on where this conversation goes politically in the election, I think.
I mean, admittedly, I haven't seen very many fentanyl deals up close and personal myself, but I can't imagine them being transacted there in the streets on the lightning network or anything like that. That's not exactly the first thing that comes to mind. I think you're right to point out that you're probably more frequently used for these things. Despite the fact that I mean, you know, everyone's talking about Bitcoin, we're seeing this.#
included in every presidential candidates platform. We're seeing everyone talk about it. And yet, somehow, if you look at the charts, price action, by the way, not very volatile. And this was flagged in a new report looking at volatility on the Bitcoin price front, only averaging about 32% in terms of an annual rate of volatility for Bitcoin.
And that's historically not what happens. Historically, I think Bitcoin's average something closer in the 70s in terms of volatility. So Bitcoin's price actually less volatile than some of the names you might know in meta and Amazon, which are at 44 and 34% respectively. So this was a hard pivot in topics, Eleanor. But it seems like it seems
like, despite the fact that Bitcoin is getting talked about more and more and more, it's basically flat and has been over the last few months of trading just sitting there, which is kind of historically odd to see play out. I want to get your take on this sack as well. My boss, Charlie, when we were talking about
When we saw the recovery from the FTX debacle and everything that happened last year when Bitcoin was rising again up from its lows, he said, this is probably like a flight to quality. People are seeing Bitcoin as like the token that everybody kind of trusts talks about. It's the original one. It's the one that all the President and presidential candidates are talking about.
But then you've also got all these altcoins right that you know people are Invest in as well. You've got a theory. You've got you got well xrp not in the US but globally You've got dogecoin. You've got all these other ones that that also you know are you know fallen at the umbrella of crypto So I think I wonder like what you think about that like flight to call
with Bitcoin because I feel like maybe not really now because the volume is so stagnant. I'm not sure what the reasoning for that would be, apart from people just waiting to get into the market to see if there's going to be any regulatory clarity between now and the election.
That factor that everyone points to in terms of how much Bitcoin's market cap constitutes when we talk about crypto. It's basically been the same since the beginning of 2022, hovering around 40% slightly higher now. So there is, I think, a piece of that flight to safety in terms of where the market's going. One thing to note too though is the idea of retail.
enthusiasm around Bitcoin and that was something that JP Morgan put in their report out today looking at the way that retail traders continue when we talk about flight to safety they mostly shipped into Bitcoin and you got institutional traders mostly shifting into gold and what that might mean around the Bitcoin have an in when that happens because historically of course
that's generally what triggers the Bitcoin bull runs that we've seen in the past and the idea of that excitement and enthusiasm on the retail side, then triggering what could happen on the institutional side. The difference this time as we're all right to point out as we as we open this show in space is that there's a huge difference when the exchanges are getting pelted with
charges of potential complaints by the SEC the CFC and everyone else like you said if the DOJ swoops in you can say goodbye to the idea i think of institutional demand and that is i think important to consider and where big wins price goes from here but let's not get ourselves i mean volatility can also exist to the downside and that
That's also something that I find that people are overlooking. If you had told me that ETH would be at 1800 after the collapse of FTX and the SEC going after Binance, I would say that's basically a worst-case scenario and it's still up from where it was 1200 after a tarot collapsed.
I don't know. I mean, as bad as the like news is, the price is, I mean, if you have volatility at basically a third of where it normally is, I would say that that's too big thumbs up in terms of this space, maybe evolving to something a bit more realistic and an adult in the room now. - I was gonna say, it's not necessarily
going on as regulators look at this, you're the first to break that as well. Historically, you've always been on top of those things. And now this discussion spills over to if that bill makes sense for the industry. And we're going to hear from experts on that too. Yes. So tomorrow we've got the House, it's that the full House AG committee
So it's going to be the Dems and the Republicans. They're holding it tomorrow. It's a 10 a 10 a.m. Tomorrow. It's called the future of digital assets providing clarity for digital assets, spot markets. And I feel like this couldn't come at a better time, at a more poignant time. So the witness list, as I've been told, it's going to be a two panels
back to back the first panel is going to be just C.F.T.C. Chairman, Rustin Banem, and then panel 2, which will happen right after, is going to be a mix of legal chief legal officers, Dan Gallagher, who is the chief legal officer of Robinhood, Paul Rull, who is the...don't I say that right? I feel like I always get that Paul. Paul?
That's over it's over my head, you know, gray all gray well, and I've heard it said a ton of different ways anyway the chief legal officer point base Paul who you know, we saw he's he's been in hearings before and he holds spaces, and you know, he's super knowledgeable on those topics all these topics with regulatory and then we've got President and chief officer
of FIA, Volk, and Luckin. And I actually had never heard of FIA until today, but it's the leading global trade organization for futures, options, and centrally cleared derivatives and markets. He's also a former acting CFTC chairman. And then we've got Dan Berkowitz, who is the former CFTC commissioner and former SECG.
the last year, the last crypto hearing, and then last minute was replaced with someone from the night with Michael Blagram from the from the NIC. So yeah, we've got all these kind of chief legal minds coming together on top of everything that we've seen today to discuss this bill. Basically, they put out this bill on Friday, I'm told the reason for the time
I mean, was as they could, you know, have that as a central topic of conversation for this plan hearing because I don't know about you, but I thought, you know, Friday afternoon dropping this legislation was a bit kind of like maybe burying the lead a little bit. I thought maybe they would come out with it a little bit earlier in the week, not like a sleepy Friday, you know, but but apparently this was all planned and the reason being is#
this central talking point for tomorrow's hearing. I think it will be interesting given all the news that's come down in the last 24 hours. Yeah, I mean, I think that's one of the overhangs too, right? And that's, that's, I, if you think about a pro and a con for the space, having the finance news hit right before this house hearing, you wonder how much of that is going to give, I think, anti#
to stand on when you dig into some of the, you know, damning allegations that we've covered in the space. We have a little over a thousand people in the space with us listening right now. So if you're just joining, just to recap what we opened with here, we were talking about the new SEC case against finance, not just the world's largest exchange by itself, but also CZ, a CEO of finance and going after him.
for. Abrams, I think we would both agree in Eleanor you as well, some pretty damning, historically most damning allegations, including wash trading on finance, propping up trading activity on finance US, and more insight into perhaps some self-imission of guilt from the COO also saying we're operating as an unregulated exchange in the US.
Not generally good. The Chief Compliance Officer and something that I noticed in the last lawsuit is this Chief Compliance Officer who's not named in lawsuit but was named in the CFTC suit personally, Samuel Lim. To me, seemed like Binance and CZ hired him to make these decisions.
to decide to get around the restrictions instructing us users to use a VPN personally helping VIP users transfer to the dot com platform by setting up shell companies a lot of that is detailed in the cftc lawsuit to me it strikes me as a cz hired this chief compliance officer to take the heat off of
him personally for making these decisions, but these lawsuits kind of strike to the heart of that saying, look, CZ has unilateral control over all aspects of his empire, so they're not really sold by this red herring. Yeah, and I think, you know, the other thing, Elinor, I don't know if there's anything to add to that, but, you know, this is, again, a
something that I think largely people were expecting to eventually happen. When it was going to hit, is it sad that it's hitting right now, as you said, Friday news got buried. You still have Congress very much actively trying to figure out a way to regulate the space. And then the Monday news is, finance has never really wanted to be regulated and clearly has perhaps not been a great actor when it comes to defending the
a retail investor is not getting screwed over and what happens on the back end. Now you've got a mishmash of the news cycle here and I think it's maybe safe to say everyone who's pro crypto is sitting there saying, "Hmm, what kind of shenanigans really goes on under the hood?" Right, and you just said that and I'm thinking to myself, I wouldn't be surprised
if the SEC had spent, you know, this was probably a long time in the works writing up this complaint, but I would not be surprised if they saw that House legislation come out on Friday and say, "Oh, we ought to get moving because we got to bring this complaint so we could kind of show that crypto still has its downsides." And when we still believe that
that it needs to come into full compliance in that these tokens are securities and these people are bad actors. So I think, you know, I just could see that coming from the SEC. I'm sure it was definitely in the works, but speeding it up wouldn't surprise me at all. And I think, you know, now we've got that kind of conflicting narrative too, right? You've got, you know, you've almost seen what's going to happen at#
tomorrow it's going to be all the pro crypto, you know, constituent's missing. Community members saying, you know, talking about this bill, asking them, you know, is it a good direction? How can we improve on it? How can we build on it? And then you've got to have the answer. The answer
there to get to on a breaking news space, but it's a lot. And I would like to shift to kind of end more on positive notes because I guess we'll see what happens in that house hearing tomorrow. It's not only by the way the fact that we have to monitor that. There's also the space as you mentioned with Elon Musk and RFK Jr. coming up at, well in the afternoon. Well, there's
It's also the Apple event, which I think a lot of people in the crypto space are looking forward to to see what does Apple launch. There's been always speculation on what that headset could look like in the metaverse projects that have been beaten down. Maybe some people out there who have invested in those hoping to see some use case. We at Coinnage just speculated and covered the decentralized
cloud projects that are hoping that they might be included in terms of what we've seen in this crazy AI sparked arms race for chips and Nvidia stock been on a tear and the idea of maybe these decentralized networks could help a lot of people. I'm not sure if you focus in on tech stuff as well, but it does seem
like the crossover between people in crypto have shifted, obviously a lot of excitement has shifted to AI. We've got this event coming out and maybe potentially offering some sort of excitement to return for the idea of what are these headsets all mean? Are we all going to be dumb walking around with these things strapped to our head? What might it do for other crypto projects? I don't know
>> It's exciting and maybe see Tim come out there and talk about what Apple has in store. >> Yeah, definitely. I think you're seeing AI is a much bigger buzz word these days, especially in the crypto community. People who are building AI protocols on these blockchains. People are really holding
in on this technology that seems to, you know, doesn't really have a conversation or a place in the regulatory conversation right now. Like we're not seeing too many bills or too many opinions or questions about how we regulate AI because I think that's going to be very hard. It crypto is hard to regulate that AI is going to be nearly impossible.
But you do kind of see that shift there, right? I mean people who are into crypto all of a sudden super hopeful that AI will kind of give the space some some credence I think and Apple comes out with great stuff. Tim Cook is a real visionary so I think that will be really interesting to see what what happens there and the
those headsets that everybody's been waiting for. But, you know, I don't really, I don't cover tech too much, but I have covered some of those Apple events before, where they launch their new iPhones and their new tech pieces and that's so interesting. And they just wonder like how they can do this all in a year because they come out with this stuff literally every year. I'm like, you must be working, you must not sleep.
big company, big ambitions. Abrams, I know you've been watching it. One PM Eastern is when it kicks off. I know you and other people in the coinage Dow community have been begging us to use some of our funds to buy one of these headsets play around with it, cheer at with everybody in our community. I say maybe. I don't know if that's something that if you're listening to this, good luck. Because they're going to#
maybe $3,000 in various. This is, Apple is already looking forward to not blockbuster sales for this headset. They're expecting decent numbers, but they know it's a high-end product. It's for the first wave of tech adopters, people who want to be into the new wave of AR technology.
but this also is looking to be one of Apple's longest keynotes in a while. They have a lot to announce according to analysts. So I'm very much interested in having the thought of the background while I continue to come through this lawsuit. Yeah. There's a lot of different. I don't know. Go ahead. I was going to say, no, I was just going to say I'm just glad I'm not like, because
I used to cover it from a producer standpoint and I was working with reporters on it. I would have to listen to the whole thing and listen to the key soundbites go back and cut those key soundbites, all the videos. A long keynote was always like, "Oh, it's going to be, it's my work's going to be cut out for me this time." So I'm just glad I'm not covering it in that capacity. Yeah,#
Now with all this other shenanigans in crypto going on, which are, you know, requires just as much demanding attention and detail and all this stuff. But there are plenty of other headlines to maybe include here as we wrap up on this Monday news recap as we always do highlighting the biggest stories in crypto for you and Ellen. We're always appreciate you coming on here to chat with us to
spotlight some of those and i'm not sure we missed anything that you would also include uh... at this point but those were the big ones we had uh... is there anything else you're gonna be watching this week as i said it's really that house hearing that you seem to be most focused on and now the spillover from this finance lawsuit from the sec finally coming down but if there's anything else by all means
Yep, there's going to be obviously the hearing, there's the finance stuff which I think will continue into the conversation for weeks to come. There's the RFK spaces with Musk, I think we should definitely all be listening to, you know, listen out for his opinions and his thoughts on crypto. That'll be interesting. And then obviously, you know, it's it's June 5th.
today, but next week we've got June 13th, which is the day that the him and documents are supposed to come out. There's a lot of anticipation surrounding that. I know we've talked about this a lot on the show, but it's going to be this week and next week we're going to be crypto heavy weeks. And then the week after I go away to England for two weeks, I'm just like, I'm going to be like, you#
to be super, super busy there because I chose the wrong time to go away basically, but you know what? It's fine. I think that's the thing about crypto is it's really impossible to ever book any vacation time because as soon as you do all the news comes out and plus it's impossible. You don't want to miss anything. Everything happens all the time. You can't miss it. Abrams, I know you were looking at
headlines as well to wrap us up here. Any big ones to throw out there before we call it a day on the Monday news recap. Oh boy. Atomic wallet was hacked for $35 million over the weekend. They're still investigating it. There are some interesting developments in the Genesis claim with regards to FTX and three
you see trying to get their money. EA Sports is teaming up with Nike's NFT sneaker project. Charles Hoskinson, apparently, this will be the last one because it's kind of funny. Pollutes more with his private jet than Mark Zuckerberg and Kim Kardashian. He also rents it out
to other celebrities, including Metallica and Dwayne the Rock Johnson. I never expected to hear about Charles Hoskinson, founder of Cardano and Dwayne the Rock Johnson in the same network, but they share a plane, so it's a great networking tool. There you go. I like that one. It's a wide reach for the Cardano community. You can count the rock
there as well. When they caught my eye, I was this idea of Dukwan, the founder of Tara, still in Montenegro, and what's going on with his bail battle back and forth. Well, he won't. He saw it approved, then we saw it turned down by a higher court. Now it sounds like it was approved. So constant bail battle going back and forth. Yeah. And the last thing I'll say is I'm keeping#
and the SEC's lawsuit is being securities, including D&B, Cardano, Salana, and pretty much all of them are down on the news. So it'll be important to watch that. And as we said, Coinbase shares in the trading session, also getting punted down off 10% as we've been tracking. All the headlines coming out of the finance, SEC, a lawsuit, but
That's another one to keep our eyes on in the session. Still off 10%. Eleanor Terrett, appreciate you coming back on here, producer and reporter extraordinaire on the crypto front ad fox business. Thanks again for the time. If we don't speak before, enjoy that vacation. I think you've earned it. Thank you very much guys. Thanks Eleanor. Thanks everybody for listening. A reminder we do this Monday, Tuesday.
new episode coming out on Friday so much things so many things here in the Quintage Media ecosystem and you can own it with us. You can learn more about that at Quintage.media and if you haven't watched your latest episode it's live now on YouTube go subscribe have a great day everybody enjoy the rest of your Monday.